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Nigerian police recover $470.5 million in stolen state oil funds

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Staff Writer | September 21, 2018
Nigeria oil
Africa   Police said they discovered the money linked to the NNPC

Nigerian police on Thursday said they had recovered $470.5 million (E400 million) in state oil company funds that had been siphoned off into private bank accounts.

Police said they discovered the money linked to the Nigerian National Petroleum Corporation's (NNPC) Liquefied Natural Gas (LNG) business unit during a nationwide exercise to recover stolen funds.

A total of "$470,519,889.10 belonging to NNPC Brass/LNG Investment hidden in some commercial banks after the directives of the federal government on Treasure Single Account," police spokesman Jimoh Moshood told Reuters news agency in an emailed statement.

Nigeria is Africa's biggest crude oil producer and has one of the continent's largest economies. About 83 percent of its export earnings come from petroleum sales.


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